Help with Payplan interview.42000.00 in debt

debtfree1979

Sorry 20 years was an approximate figure. I have just checked my financial statement and it states the plan is 17.7 years. I would consider changing DMP providors but am worried that it might prompt the creditors to start charging interest and chasing me etc

Loubylou2

We were with payplan and they were great. However don't go down the IVA route (if thats the 'other options' they are suggesting) unless you absolutely have to.
We hadn't been on this forum so didn't have a clue. Payplan also suggested IVA (although didn't try to force it on us) and in some ways it seemed the better option especially as a colleague of mine went that route and very quickly wrote off over half her debt.
HOWEVER recently DH was made redundant and his new job albeit temporary involved a credit check. We were terrified but he was honest about the defaults and it all went through ok. Not sure an IVA would have necessarily been the same as they actually asked about it directly on his application form.

Unfortunatlely olleagues IVA failed as they carried on spending and lost some income so BR is now their only option. Not good:(

somewhere_up_there

Hi Loubylou2.
Your co-worker is a salutory lesson
Final call from payplan today,they have sent out what ever they send out?
First payment 30th April.

They tried to sell!!!!!!!!!! me a policy that covers illness etc,that the payments will still be made,said the money would come out of the creditors amount,not sure about this. said i would think about it.

Going down the dmp route, as one chap i work for is a solicitor,he always knows through his job who has gone bankrupt.His next door neighbour went bust,to his delight.{he could not stand them]

Mind you they are still leading the millionaire lifestyle. must be like your co worker

Payplan At this point do not feel confident in my payplan manager.
Does not seem to know a lot about credit cards.{will have to hope someone is looking over his shoulder].

Bit of a control freak, obviously i should have had that with cards!!!!.

Feel oddly calm knowing i will not have to find 1700.00 a month in credit card payments.

Sent off three 28 day letters today and three token payments.

Waiting for the phone calls and letters now.

PinotGrigio41

Hi Somewhere,

I just wanted to drop by and say hi and good luck to you. I Have had a few days off of MSE , but have been catching up this evening and saw that you had popped up on BR's diary and the DMP Thread. It sounds as though you have all the initial stages under control .

I know that oddly calm feeling well ! My phone calls stopped pretty quickly after the initial letters were sent out

Best of luck to you

Pinot x

lillibet_dripping

Hi Somewhere!
Yes, 'oddly calm' is a perfect description.

Payplan also tried to get me to go for the Life cover, payments cover AND boiler cover. Told them, very politely of course, that if I had said 'no'more times in the past I wouldn't be in this situation now:rotfl: The poor chap did try very hard though so all credit to him.

I haven't sent any letters out at all - what are these '28 day' letters and should I be sending any?

Confused:think:..........

Loubylou2

We didn't buy anything through Payplan. Had no problems in fact they succeeded in gettin one creidtor to accept a f&f where we had failed.
However remember its really good if you are proactive aswell.

I wrote personal letters to our creditors aswell. For instance we were getting late payment charges every month from one creditor so I wrote a letter telling them that they were forcing us further into debt and hey presto they stopped the charges and refunded aswell. I don't think Payplan would have done that. So you can still be in control whilst having the support of a company recognised by creditors.
It is a great feeling being in control. DH and I spoke recently and can't believe how many years we had gone along accumulating the debt with our heads in the sand. There were other circumstances that didn't help but we were just compounding it each month. I say heads in the sand but I think most people know deep down that things are not good, we certainly did.
As soon as the DMP started it was incredible relief, its certainly not easy at times and money is tight but it is all about being back into control. :T
Well done everyone:)

somewhere_up_there

http://www.debtandyou.co.uk/budget-planner-letter-templates/

Lilli Have a look Sent the first one off.
They cannot hassle you for 28 days,till everything is up and running.
I put in the first one i am in consultation with Payplan.

Hope i am allowed to put this link.
Copied all six letters, just changed a couple of bits to re-inforce.interest situation.
Added only contact me by letter, so i can keep a timeline .

BOILER COVER !!!!!!!!!!!!!!.
Mind you since they are a charity they will make a large amount from flogging this.
But it all comes out of the monthly payment.

Everything i read is exactly how i feel.

Pinot : Read your full diary before i started on this.journey.


Loubylou:Your thoughts are my thoughts.Will keep on top of payplan and send out extra letters as required.

Should have done this four years ago, thought we would get through this, spent all my savings on paying the card companies

Letters out to Virgin.
Barclaycard
Halifax
Egg[ barclaycard]
Today; Opus
Post Ofice

Hope to hear from everyone later,
Bye
Lilli ,Pinot, Loubylou

kaya64

I have been with payplan for four years , at first we were getting a lot of phone calls and threatening letters , some of the creditors have not stopped interest , but I really don't worry abou thits because in a few years time I will be offering them all full and final payments so any interest or charges creditors put on top of the original debt will come off anyway . I have already had offers from two creditors offering me to pay only 20% of the debt , unfortunatley our business was really slow at the beginning of this year and we had to say no to this great offer , but I took a job and things are looking up and our plan is still to offer full and final offers . I will try the offers myself and if they are refused I will ask payplan to offer the creditors ,but until that time I don't worry one single moment about the debt , I have worried about paying my mortgage a few times and even posted on here for help , but we got through that hard time and manage really well now with my extra income and we are getting back on our feet again .

For those worried about their creditors , please please please don't let them steal a moment of your time through worry because you have taken the greatest step forward in dealing with your debt and I have through experience been to court a few times and won because the judge was on my side as I had tried and done everything in my power to repay my debts, so please don't worry life is far too important and worrying does not sort the problem out .

I hope you don't mind me posting my experience , but I thought I would encourage you who have started with payplan . Payplan are the best in my books and I would recommend them to anyone .

Good luck to you all with your dmp

somewhere_up_there

Hi Kaya64.
Today is the first payplan payment.
Had a couple of phone calls Opus and Barclaycard.
Re-sent them all letters again, telling them my payplan ref.
I guess this month is when i will be more aware of what is happening with all my creditors.
Payplan, has said they have all replied.
Was going to say hope they agree my monthly payments to them, but that's all they are getting anyway.

kaya64

somewhere_up_there wrote: »

Hi Kaya64.
Today is the first payplan payment.
Had a couple of phone calls Opus and Barclaycard.
Re-sent them all letters again, telling them my payplan ref.
I guess this month is when i will be more aware of what is happening with all my creditors.
Payplan, has said they have all replied.
Was going to say hope they agree my monthly payments to them, but that's all they are getting anyway.

Hi , as an experienced client of payplan I can honestly say they are brilliant , also even if some of your creditors decline the offer don't worry about it because they are just after more money , don't feel bullied by creditors they try every trick in the book, don't answer the phone and if they do catch you off guard just tell them that from now you will only correspond by letter . Be really firm in your answers and keep telling no no no no as what you have offered is all you can afford , but say if in the future my circumstances change for the better I will certainly offer more as it is my aim to pay you .
Keep strong and just remember you are now on the road to becoming debt free and you are with the best company to help you.
If you need any help at all just ask me as I have been dealing with creditors for over five years now .
regards Kaya